Popular Hudson Valley Bank Goes Public with IPO, Stock Already Up
Investors in the Hudson Valley can now own shares of their favorite bank.
The stock market has been on a tear. With the Dow, NASDAQ and S&P 500 at all-time highs and lots of liquidity in the market, investors are chomping at the bit for the next big thing. Well, this week a local bank has entered the ring, offering shares of their financial institution.
Orange County Bancorp, which is the parent company of Orange Bank & Trust Company was officially listed on the NASDAQ on Thursday. The Company's common stock is now trading under the ticker symbol "OBT."
Michael Gilfeather, Orange Bank President and CEO, says the listing is a significant milestone for the company.
It is also an accomplishment for the entire company and a tribute to our employees. I couldn't be prouder of their efforts, particularly in the face of extraordinarily challenging recent circumstances.
Getting listed on the NASDAQ isn't an easy task. Corporations must meet stringent financial, liquidity and governance requirements before being accepted and continue to meet them on an ongoing basis.
The company's IPO was set on Wednesday at a price of $33.50 per share. The offering was upped from 900,000 shares to 1,000,000 shares of its common stock, which was expected to bring in $35 million for the company. Orange Bank & Trust Company plans to use the funds to further its growth. Future expansion of lending and wealth management activities and possible "strategic" acquisitions are both part of the bank's plan to increase its success.
To celebrate their listing, employees and members of the Company's Board of Directors visited NASDAQ on Thursday. They were presented with the listing certificate before taking a tour of the facility and enjoying a celebratory lunch.
At market close on Thursday the stock was already up from $33.50 to $34.10.